TARP


Former President Bush asks Obama to exit the car business

When Former President George W. Bush spoke to the Montreal Board of Trade recently, he made a public appeal to the Obama administration to "get out of the private sector," adding "I hope our government gets out of the autos and the financials in which they have a stake." His premise is that it takes private companies to turn an economy around, not government-run ones. As we have found out during America's recent economic troubles, a lot of people find it easy to say a lot of things when they're not on the hook. And the former ... Read more →

REPORT: Pay czar planning up to 90% compensation cuts for top auto execs Chris Shunk

When General Motors and Chrysler took money from the U.S. government to prevent being consigned to history, the two storied domestic automakers had no choice but to put their fates in Uncle Sam's ...

Rattner recounts auto bailout, was "shocked" and "stunned" at condition of GM, Chrysler Jonny Lieberman

Steve Rattner is a man we admire but do not envy. Rattner, a former Wall Street banking type with zero experience in the automotive or manufacturing world, was tasked by President Obama with ...

REPORT: 90% of Cash for Clunkers claims have been paid Jonny Lieberman

Actually, paid or approved. Clunker claims being approved is the last step before dealers get paid. But yes, Cash for Clunkers, the very popular, definitely controversial program that gave ...

REPORT: Chrysler Financial repays $1.5B in government loans Damon Lavrinc

According to a variety of reports, Chrysler Financial has reimbursed the $1.5 billion it was loaned on January 16 through the Treasury Department's Troubled Asset Relief Program (TARP) – making ...

REPORT: Unsigned waivers to blame for Chrysler Financial rejection of gov't cash 7 months ago on Autoblog

Over the past two days, we've told you what we've heard about the latest short-term federal aid coming to Chrysler and GM. According to the latest reports, it will be $5B to the latter and $500M to the former. We also mentioned it had been reported that Chrysler Financial had inexplicably turned ...

REPORT: GM to get $5B, Chrysler $500M from gov't 7 months ago on Autoblog

Is General Motors about to get an additional $5 billlion from the Feds? Will Chrysler be getting another $500 million? The Detroit News seems to think so. Citing Obama Administration sources and a leaked 250-page government report, they say that those figures are accurate. The money will reportedly ...

REPORT: Chrysler Financial turns down government loan over executive pay limit stipulations 7 months ago on Autoblog

Earlier this month Chrysler Financial (CF) turned down a $750 million loan from the government meant to allow it to continue providing loans to dealers. This is where it turns into he-said-she-said: a source told the Washington Post that CF turned the loan down because a condition of the loan was ...

How much does Nardelli really earn? Could be much more than $1 9 months ago on Autoblog

The president decreed that CEOs running banks that received TARP funds couldn't be paid more than $500,000 each year. Chrysler isn't a bank, yet it has received TARP funds, and its CEO, Bob Nardelli, is well under the $500,000. Or at least, he might be. During recent Congressional hearings Nardelli ...

Deutsche Bank analyst says GM may still consider Chapter 11 10 months ago on Autoblog

GM was able to avoid bankruptcy court when it received billions in government loans, but Deutsche Bank automotive analyst Rod Lache feels GM will have a tough time getting concessions from bondholders, making bankruptcy far move likely. GM's deal with the government includes a stipulation that ...

Fed grants GMAC bank holding status 11 months ago on Autoblog

GMAC – and ergo General Motors – just got another Christmas present: the Federal Reserve has granted GMAC bank holding status. GMAC has billions of dollars of bonds coming due over the next 12 months, but doesn't have the liquidity to cover the obligations. As of last week, the financing ...

BREAKING: Bush greenlights $17.4 billion Auto Rescue/Bailout package 11 months ago on Autoblog

President George W. Bush will doubtlessly be remembered for many things things, but his parting legacy may yet be his eleventh-hour pledge of $17.4 billion in low-interest loans to General Motors and Chrysler (Ford Motor Company has said it does not require relief at this time). The funding will ...

WaPo/ABC News: 55% of Americans against auto bailout; Levin says possible deal tomorrow 11 months ago on Autoblog

55% of Americans are against a federal bailout of U.S. automakers. This, according to a Washington Post/ABC News poll of 1,003 randomly-selected adults nationwide that was conducted by phone last week between December 11 and 14 (we didn't get a call, did you?). 42% of those polled express support ...

Canada to the rescue! (after U.S.) 11 months ago on Autoblog

With all signs pointing to White House action on an automaker bailout despite the the bill not making it out of the Senate last Thursday, Canada has its taxpayers' wallets on standby as well. Our neighbors to the north account for a 20% share of the auto industry, and both the federal and Ontario ...

DOW opens down sharply, President reconsiders tapping TARP funds 12 months ago on Autoblog

9:30 AM EST has come and gone and the Dow Jones Industrial Average has officially begun its trading day. As expected, the index dropped sharply after the opening bell, which was rung today by singer/actress Mandy Moore. Ms. Moore watched as before sound waves from the bell hit the other side of the ...

Paulson: Automaker aid won't come from financial bailout money 1 year ago on Autoblog

Some U.S. policymakers believe that the domestic auto industry needs a multi-billion $hot in the arm, but the sticking point seems to be where to find the funds. Rep. Barney Frank (D-Mass.) is calling for a portion of the financial sector's $700 billion TARP buyout to be apportioned to Detroit, but ...






Autoblog Podcast #156: Paukert comes back for more! 

Chris, Dan, and Editor Paukert chat and give each other grief. Merriment ensues.

 
 

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